The Gavin/Solmonese Team
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The Gavin/Solmonese Team

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    The Gavin/Solmonese Team The Gavin/Solmonese Team Presentation Transcript

    • THE TEAM1
    • Edward T. Gavin, CTP Managing Director & Founding Partner Practice Leader – Restructuring, Bankruptcy & Fiduciary Services Contact o: 302.655.8997 ext. 151 m: 484.432.3430 e: ted.gavin@gavinsolmonese.com Ted Gavin is a Certified Turnaround Professional and Managing Partner in Gavin/Solmonese’s Wilmington, DE office. He has over 15 years of experience working with distressed companies and their stakeholders in diverse industries including retail, transportation, regulated and non-regulated manufacturing, pharmaceutical and healthcare, professional services construction and metal-forming among others. Ted has served leadership roles in engineering, manufacturing, I.T. and regulatory affairs functions. Ted has extensive experience in strategic planning, process re-engineering and hands-on management in for-profit, non-profit and public sector operations. Mr. Gavin frequently testifies in support of unsecured creditor issues and to improve unsecured creditor recoveries and his testimony has been accepted as expert before U.S. Bankruptcy Courts. Ted specializes in bankruptcy matters and creditor recoveries, having successfully served debtors, creditors and secured lenders in numerous cases and has led turnarounds and creditor committee engagements for companies with multi-site US, Canadian, European, Asian and Middle East operations. Ted is a Lifetime and Century Council Member of the American Bankruptcy Institute (ABI), a member of the Turnaround Management Association, the National Association of Credit Management and is an Associate Member of the Association of Certified Fraud Examiners. Ted has written articles for The Journal of Corporate Renewal, Business Credit Magazine, Credit & Collections Risk and other publications. He is a member of the American Bankruptcy Institute Journal Editorial Board for Unsecured Creditor and Financial Advisor topics and is currently Co-Chair of the American Bankruptcy Institute Financial Advisors’ Committee and previously served as Co-Chair and Education Director of the American Bankruptcy Institute Professional Ethics Committee. In 2009, Ted became Co-Chair of the American Bankruptcy Institute Mid-Atlantic Bankruptcy Workshop and a member of the ABI Mid-Atlantic Development Committee. In May 2011, Ted was appointed to the American Bankruptcy Institute’s National Professional Standards Task Force. Ted lectures frequently on professional ethics and unsecured creditor topics and has created educational sessions for the Delaware Bankruptcy Inns of Court. He is a member of the Board of Directors of the Chamber Orchestra of Philadelphia, Women’s Campaign International and EMILY’s List and has worked extensively in administration of non-profit entities!2
    • Thomas D. Hays III, CTP Managing Director Emeritus & Founding Principal, NHB Advisors Practice Leader – Corporate Recovery & Turnaround Contact o: 610.660.0060 ext. 225 m: 215.620.9179 e: tom.hays@gavin/golmoneseteam.com Tom Hays is a Founding Principal of Gavin/Solmonese Advisors, Inc., a Gavin/Solmonese company. During his tenure, he has provided leadership as interim Chief Executive Officer, Chairman or Advisor to the Board in a wide variety of companies both private and public. He is an Honorary Inductee in the “Turnaround Management, Restructuring and Distressed Investing Industry” Hall of Fame. He has extensive experience in manufacturing, distribution, operations, accounting, restructuring, refinancing and litigation. His litigation and expert witness work includes The Penn Central Boston Perishable Litigation and as the Trustees expert in the Merry-Go-Round vs. Ernst and Young litigation. Tom is Principal in charge of Gavin/Solmonese’s Auto Dealer Group. Tom is actively involved in improving the turnaround process. He was Chairman of the Turnaround Management Association (TMA), an international organization of over 8,000 professionals. He was also Chairman of the Association of Certified Turnaround Professionals as well as its Standards Committee for several years. An early supporter of professionalism for turnaround managers, Tom holds the distinction of becoming one of the first Certified Turnaround Professionals (CTP) in the country. He conducted CTP management and accounting review courses, including sessions at Northeastern University. He was instrumental in the development of a training course for loan officers and has conducted courses on dealing with troubled loans. Tom is currently the Chairman of the American Red Cross, Southeastern Pennsylvania Chapter, which has over 6,000 volunteers. He is also involved in numerous other professional and community organizations such as the American Bankruptcy Institute, the Association for Corporate Growth and the Rotary Club of Philadelphia-Paul Harris Fellow. He is Co-Founder of the Men’s Garden Club of Philadelphia; a Founding Member of The Greenbrier Sporting Club; and a member of Overbrook Golf Club. Tom received his Bachelor of Science degree in Accounting from the University of Minnesota and went on to complete his MBA course work. He is a Certified Public Accountant in Minnesota and Pennsylvania (inactive licenses) and is a member of the American Institute of Certified Public Accountants (AICPA), AICPA’s Consulting Division, and the Pennsylvania Institute of CPAs.3
    • Gary Adelson Managing Director Contact o: 310.566.5972 m: 310.795.8185 e: gary.adelson@gavinsolmonese.com Gary Adelson is a Managing Director of Gavin/Solmonese in the Los Angeles office. He has over 25 years experience in all areas of the media, entertainment and sports and gaming businesses. He has held roles as Chairman, CEO, and Managing Director at entertainment and media companies, venture capital firms, and investment banks and has experience in a range of media verticals such as new media technologies, broadcast, distribution, syndication, production, cable, telecommunications, and online gaming, among others. Gary’s experience includes analyzing and implementing strategic and operational change, including re-strategizing and refining and implementing new business strategies and redeployment of capital to changing industry conditions. He has extensive experience in financing and refinancing of businesses, leading them to eventual sale or mergers, and implementing of new strategies including refinement of sales and business development strategies. Prior to joining Gavin/Solmonese, Gary was a Managing Director of the Media, Sports, and Entertainment (MSE) Group at Houlihan Lokey, the largest middle market investment bank in America where the MSE Group advised on such transactions as the acquisition of MGM by Sony, Comcast, and various private equity groups, NBC’s acquisition of Vivendi Universal, and well as the sale of Media Defender. Gary received a Bachelor of Arts degree from University of California, Los Angeles. He has served on boards of several charitable organizations including the Pediatric Aids Foundation, Cedar Sinai Sports Spectacular, and was Director of Israel’s 50th Anniversary Celebration. He was Chairman of UCLA’s Venture Capital Board, and a board member of the recently formed New Media Board.4
    • Peter Hartheimer Vice President Contact o: 845.867.3823 e: peter.hartheimer@gavinsolmonese.com Peter Hartheimer is a Managing Director with Gavin/Solmonese. He has over fifteen years of experience with mergers and acquisitions of distressed corporations. He has worked in both equity and agent capacities for private equity concerns, law firms, accounting firms, commercial banks, financial advisors and industry corporations. A sample of his client engagements include capital restructuring, corporate reorganizations, buy and sell side advisory, and assets disposition. Peter concentrates in middle market distressed transactions and has extensive experience working within the bankruptcy process. Originally, he was a principal and investor for troubled technology acquisitions and later as senior management in the role of the Business Development Officer for a private equity and merchant banking fund. He has participated in over 35 transactions. His knowledge base includes a keen understanding of valuation and asset recovery. He is skilled at the negotiations of complex sales agreements and has implemented numerous plans of reorganization. Peter has experience in the following industries: healthcare, commercial and general aviation, automotive, avionics, rail, material handling, general manufacturing, pulp & paper, agribusiness, retail and distribution as well as many others. Some of the companies in which he has been involved include: Agway, Hitachi Seki, Tiger Aircraft, Hempstead Island Medical Center and Iron Horse Bicycles. Before entering the financial services industry, Peter spent 12 years working in industrial engineering software application in support of JIT and lean manufacturing. His clients included Ford, Pratt and Whitney, Northrop-Grumman, Ingersoll-Rand, New Holland, Halliburton, Boeing, Deere and Company, Hatteras Yachts, Yale Material Handling, and many others. Previously he has held senior management positions at several firms, including; President of Generative NC Technologies, General Manager of FMS Software and Division of Finn Power USA, Senior Vice President of ClearBid Capital, and Principal of General Capital Partners. Peter has a BA from the State University of New York at New Paltz and is a member of the American Bankruptcy Institute. Additionally, he has served in the leadership of the American Bankruptcy Institute Healthcare Committee.5
    • Boris J. Steffen, MM, CPA, ASA, ABV, CDBV Managing Director Contact o: 202.772.3172 m: 202.538.5037 e: boris.steffen@gavinsolmonese.com Boris Steffen is an expert in accounting, corporate finance, valuation and solvency with multi-industry, multi-company experience assisting clients in managing a wide range of operating, financing, and investing transactions, claims and litigation. Matters in which he has consulted or testified include antitrust and competition policy, bankruptcy, restructuring and insolvency, contracts, corporate governance, ERISA, going private transactions, intellectual property, international trade and arbitration, mergers and acquisitions, valuation, pricing, costs and profitability, securities and taxes. Boris has advised in negotiated as well as hostile transactions and claims valued in excess of $100 billion. Sectors in which he has consulted include the aerospace, aggregates, automotive, beef processing, biotechnology, business services, cable network, chemical, consumer product, construction, defense, document management, electronic imaging, financial services & banking, food & beverage, healthcare, independent power, information technology, insurance, internet, newspaper, magazine, pharmaceutical, oil & gas, printing, pumps & controls, retail, semiconductor, software, steel, telecom, tobacco, electric utility and water industries. In hearings to review the proposed $13 billion merger of Exelon Corp. and PSEG, Boris testified regarding the merger’s efficiencies, while in FTC v. Staples/Office Depot, he testified as to industry structure, efficiencies, pricing and profitability. Boris also consulted on damages in the Enron Mega Claims bankruptcy and AMD and Intel antitrust cases, on fair value in the Delaware Chancery court shareholder litigation regarding Xerox’s $6.4 billion acquisition of ACS, and testified regarding merger efficiencies in the Sirius XM Radio Inc. antitrust merger claim in the Southern District of New York. Boris has held positions in finance, public policy, corporate development and consulting with Inland Steel Industries, the FTC, Bureau of Competition, U.S. Generating, and LECG. He holds a Master of Management degree with specializations in accounting and finance from the Kellogg School of Management of Northwestern University, and a Bachelor of Science degree in Finance and Bachelor of Music degree in Applied Music from DePaul University. He is an Accredited Senior Appraiser, Certified Public Accountant, Accredited in Business Valuation, Certified Distressed Business Valuation Analyst, and member of the AICPA, ABA, ABI, Insol International, AIRA, ASA and American Finance Association.6
    • Sarah E. Pugh Senior Director Contact o: 610.660.0060 ext. 234 m: 267.736.0664 e: sarah.pugh@gavinsolmonese.com Sarah Pugh is a Senior Director at Gavin/Solmonese and part of its Fiduciary Services Group. Sarah has years of experience as a practicing attorney and provider of fiduciary services in bankruptcies and restructurings. She joined Gavin/Solmonese from Walker Nell Consultants, Inc., where she was a Senior Consultant, with her practice including bankruptcy consulting services to liquidating trusts, such as claims administration, preparing liquidation analyses, litigating avoidance actions, assisting in the preparation of tax filings, managing the assets of the bankruptcy estate and preparing filings with the Bankruptcy Court. She has also prepared pleadings based upon substantial preference analysis computations and claims objections, and has participated in settlement negotiations. Sarah is the Plan Administrator for Montgomery Wards, LLC, the largest retail bankruptcy liquidation in U.S. history. Most recently she advised Creditors’ Committee in Frank Parsons case, resolving nearly $8 million in avoidance actions without litigation and potential 50-60% recovery to unsecured creditors. Her leadership in PPI Holdings resulted in approval of a liquidation plan in an administratively insolvent case. She has led teams advising trustees of nearly 20 trust engagements representing over $500 million in claims. Sarah received a Bachelor of Science degree in accounting from Pennsylvania State University with a minor in Business Law, and a Doctor of Jurisprudence degree cum laude from Syracuse University College of Law. She was an active member of the Syracuse Law Review and was the Treasurer of the Tax Society. Sarah currently serves on the Board of Directors of International Women’s Insolvency & Restructuring Confederation of Delaware and Women’s Campaign International. She is a member of the American Bankruptcy Institute, the American Bar Association, and the Delaware Inns of Court. Sarah is the Chair of ABA’s Working Group on Rule 2014 Disclosures. She published, with Jeff Sklarz, “The Connections Conundrum: Compliance with Rule 2014 and a Call for Clarity and Guidance” in the ABA Business Bankruptcy Newsletter. After the U.S. Supreme Court’s landmark decision in the Anna Nicole Smith case, Sarah’s article discussing the impact of the Stern decision appeared in the same publication. Sarah was recently named as one of Turnarounds & Workouts People to Watch in 2012 – Business Professionals Making Their Mark.7
    • Wayne P. Weitz Senior Director Contact o: 215.854.6335 m: 610.613.9458 e: wayne.weitz@gavinsolmonese.com Wayne Weitz is a senior financial professional with more than 20 years of experience advising clients and executing transactions as a principal in corporate finance and capital structure optimization, restructuring, mergers and acquisitions, financial management and bankruptcy. In the corporate sector, Wayne served as director of corporate finance for Equifax Inc. (NYSE: EFX) where he was responsible for capital allocation, strategic planning and international acquisitions. His responsibilities included valuation of potential acquisitions and investments as well as deal execution. He developed the first long-range planning model for Equifax, a rolling 10-year analytical framework for optimizing cash flow, investment and dividend policy. Wayne served as chief investment officer and treasurer for Asbury Automotive Group (NYSE: ABG), a $5 billion (revenues) group of more than 100 auto dealerships, where he structured, negotiated and administered a $1.3 billion comprehensive credit facility and completed acquisitions of dealerships and real estate. As an advisor, Wayne has served as financial advisor to debtors and creditor committees as well as chapter 11 trustee and liquidating trustee. He began his career as an investment banker and has completed more than 85 acquisitions, dispositions and capital formation transactions. He recently restructured more than $400 million in construction financing for three significant luxury hotel, condominium and resort developments around the world. Wayne holds a BA in economics and politics from Brandeis University and an MBA in finance and accounting from the University of Chicago Booth School Of Business. He is a member of the board of directors of the Turnaround Management Association – Philadelphia Chapter and is a member of the leadership for the American Bankruptcy Institute’s Financial Advisor and Investment Banking Committee. He has been nominated to the board of directors of the Peoples Emergency Center Foundation, a Philadelphia-based non-profit organization supporting development of transitional programs and housing for single-parent families in need.8
    • Luke D. Snyder Director Contact o: 610.660.0060 ext. 233 m: 215.353.1120 e: luke.snyder@gavinsolmonese.com Luke Snyder is a Director at Gavin/Solmonese. He has extensive experience serving privately-held middle market companies as an outside auditor, financial executive, and most recently as a consultant. He has a broad range of industry experience, having served clients in the aerospace, dairy products, food & beverage, packaging, franchising, real estate, healthcare and textile industries. Luke has proven expertise in business analysis and modeling, as well as identifying and implementing improvement opportunities in inventory management and cost reductions. Based upon well-developed cash flow analyses, he has assisted stakeholders to identify strategic alternatives. He has particular experience assisting distressed businesses that are seeking to stabilize and improve cash flow, implement strategic inventory and fixed cost reductions as part of a turnaround plan, during a restructuring, or in preparation for a sale of the business. Prior to joining Gavin/Solmonese, Luke served as the senior financial executive of a textile manufacturer, as the company’s CFO transitioned into retirement. Shortly thereafter, it experienced unprecedented industry-wide erosion of demand resulting in a crisis situation, during which he actively managed cash flow, while assisting the company’s lenders, advisors, and its investment banking firm to successfully execute a sale of the company assets. Previously, Luke was an auditor at “Big Four” public accounting firms, most recently with PricewaterhouseCoopers, LLP in its Private Client Service (PCS) practice, where he provided services to middle market manufacturing, service and healthcare clients, ranging from $40 million to more than $500 million in revenue. Luke received a Bachelor of Science degree summa cum laude with concentrations in Accounting and Management Information Systems from Drexel University. He is a Certified Public Accountant in Pennsylvania (inactive license), and is a member of the American Institute of Certified Public Accountants (AICPA), the Pennsylvania Institute of Certified Public Accountants (PICPA), the Turnaround Management Association (TMA), and the American Bankruptcy Institute (ABI).9
    • Ross Waetzman, CIRA Director Contact o: 972.739.6110 m: 214.773.7035 e: ross.waetzman@gavinsolmonese.com Ross Waetzman is a Director of Gavin/Solmonese. He has over ten years of professional service experience advising corporations, as well as their lenders and equity owners, on matters of financial and strategic significance. Ross has extensive experience in corporate finance. He has advised companies in a wide range of M&A advisory engagements, including public and private equity transactions, cross-border transactions, privatizations, and distressed sales. In addition, Ross has provided fairness opinions, valuations, and financial damage calculations in litigation. He is also experienced in obtaining debt financing on behalf of his clients to meet a variety of needs. Ross is a seasoned advisor to companies facing challenging market conditions. He has advised corporate management on turnaround initiatives including project rationalization, strategic sourcing, large-scale staff reductions, and post-merger integration. He has also advised creditors of distressed companies. In this capacity, Ross’s experience includes advising on out-of-court restructurings, lending strategies, acquisitions through Section 363 sales, as well as providing due diligence services. Ross’ experience spans numerous industries, including building products, consumer electronics, equipment distribution & leasing, financial services, health care, higher education, media, natural resources, professional services, metallurgy, and telecommunications. Before joining Gavin/Solmonese, Ross was a Vice President at Barrier Advisors in Dallas, where he provided restructuring and M&A advisory services. His past work experience also includes working in Credit Suisse First Boston’s Investment Banking Department (M&A and debt financing assignments), with A.T. Kearney (strategy and operations projects), and with Ernst & Young’s Corporate Finance Group (M&A and financial restructuring assignments). With a B.S. degree in finance from Drexel University. Ross was also a merit scholar at the University of Rochester’s William E. Simon Graduate School of Business Administration, where he obtained an M.B.A. degree with concentrations in finance and competitive strategy. Ross is designated as a Certified Insolvency and Restructuring Advisor (CIRA).10
    • Charles F. Lewis Senior Consultant Contact o: 302.655.8997 ext. 154 m: 610.202.9177 e: charles.lewis@gavinsolmonese.com Charles F. Lewis is a Senior Consultant at Gavin/Solmonese He has over 15 years of management experience in various industries. His previous responsibilities have included profit and loss management, strategic planning and budget/forecast development. Charles’ experience extends to the distribution, construction, industrial service and food service industries. Charles supports Gavin/Solmonese’s Creditor Services Group in its bankruptcy and insolvency business segment, and provides experience in client research and acquisition as well as support to the various facets of bankruptcy work. Charles also provides financial statement analysis as it relates to the cash flow of various organizations. Prior to joining Gavin/Solmonese, Charles held various senior financial management positions where he was responsible for the profitability and positive cash flow of entrepreneurial and fast-growing companies. He served as the Controller for QSL-Plus/CONAM, Inc., a multi-state, industrial inspection company specializing in nondestructive testing, and more recently, as the Controller for Pro-Tech Floors, LLC, a commercial flooring contractor. Charles Lewis was also responsible for the operational restructuring of these organizations to meet a high rate of growth as well as evaluating infrastructural and personnel needs, and was responsible for the successful implementation of improved policy and procedures, with an emphasis on improving collections and financing ability. Charles Lewis’ prior bankruptcy and insolvency experience was obtained at Parente Randolph where he was an Accounting Specialist. Charles earned a bachelor’s degree in accounting from West Chester University, and previously served in the U.S. Naval Intelligence Service.11